my dog has fleas
market vibes
July 15…)
in the news
Inflation falls to the lowest since covid. Kuwait suffers the heaviest onslaught of IRGC wrath in weeks: 4 injured. Trump vows endless war until the IRGC submits. Russia floods the oil market with wet barrels as Ukraine attacks Russian refineries… shortage of distillate gushes wealth into US refineries.
US Banks reported record-smashing $49 billion in profits. MS reports today.Half of all equity trading is done “off exchange” up from 30% in 2010 according to Bloomberg via barchart on X. That is us getting “pennied.” MS reports today.
Meanwhile…HF cash balances hit the lowest in history.
Trump will address the nation tomorrow (Thursday, July 16, 2026) at 9:00 p.m. Eastern Time (ET) in a primetime “Speech to the Nation.” The main focus is expected to be on free and fair elections, including a “very big announcement.”
PPI came in as dovish as CPI … Warsh testifies in day 2 of his semi-annual HH reports to Congress (CSPAN).
in the markets
The lowest CPI inflation since the pandemic is actually bearish for the long bond.
